The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps

There is no doubt that getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could fill out a simple loan application and receive the best loan check cut in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four important steps involved in obtaining a mortgage loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: pre-qualify for your loan

This is where the rubber meets the road and Hill Valley Financial Services Inc. can really save you money. You will supply information on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. When we review this information we will give you a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you've made the offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe work with with this company to set your closing date. Since you won't need to worry about these details, you can concentrate on moving, painting, carpet, and all the details of getting your new home.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving in! Hill Valley Financial Services Inc. is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?

Have questions about the loan process? Call Hill Valley Financial Services Inc. at 503-657-3311. Hill Valley Financial Services Inc. answers loan process questions every day.